October 14, 2017
There are a number of current Portland Oregon commercial real estate construction projects being built.
One famous company that has a very famous brand name and is based in Portland, Oregon is doing a major construction expansion project to expand its headquarters. The company is Nike.
This is really a huge ongoing project – more than one billion dollars. Can you imagine a construction project of that size? And another mega statistic - this is in square feet terms an additional 3.2 million. Plus, it’s an additional 6 buildings being added to the headquarters.
It’s interesting that Nike made a deal with the State of Oregon in 2012 to get tax certainty. The deal was that Nike would need to spend a minimum of 150 million dollars on construction. The would create an increase of more than 2000 new jobs. Another part of the deal was that Nike would create greater than 2000 new jobs. Nike has come through on both promises.
At the location of Northwest 9th Avenue and Northwest Northrup Street, another commercial real estate construction project in Portland Oregon is called the 9 North office building. The construction is now fully going on. 8 stories high, this will create over 170, 000 additional square feet of Pearl District office space.
The 9 North office building is slated to be completed in 2018, the 3rd quarter. The property will have retail shopping on the ground level, office space of eight floors, and 57 spaces for parking. Another parking garage of a block distance away will have 100 more spaces for parking cars. There will be locker rooms, showers, a valet, lots of bicycle parking, and a station to repair bicycles.
Williams and Dame, a leading developer, spent 7.4 million dollars to get the vacant land for the construction project. They needed an equity partner and they partnered with a development company called Miller Global properties. Over the years Miller Global properties has accumulated office space greater than 100 million square feet.
Mark Friel with APEX Real Estate Partners says they are really excited about where the property is located. And APEX Real Estate Partners is leasing to tenants who are interested. Mark Friel said that interest in leasing has been fairly good. Those who are leasing are firms with professionals wanting new construction, tech companies that are local, as well as tech companies not from the area.
Another director with APEX believes the building is at a terrific location for people needing to come in from Northeastern and Northern Portland taking the Broadway Bridge to enter downtown.
A mammoth construction project that Portland wants to win involves a huge bidding war between close to 50 cities in both the US and Canada. The prize – a second headquarters for Amazon. Amazon is in the process of selecting a city for it’s location. The amount of money involved in the construction – 5 billion dollars. This is a huge amount of money involving a lot of jobs pouring into the city that wins the bid. Amazon in the future wants to have 50,000 members of their staff there. A lot of cities aren’t even close to that size in population.
The plan for the second headquarters according to Jeff Bezos, CEO, is to be the size of the first one which is in Seattle. Upfront money in the billions is expected to come in for upfront investments as well as investments that will be ongoing. This is along with lucrative jobs which number in the tens of thousands.
Lots of Cities in the United States and Canada are chomping at the bit to win the prize of housing the second headquarters of Amazon.
Amazon has certain requirements for that city. An international airport, a city that is strong business wise, a minimum of at least a million population, and a city with a friendly atmosphere.
October 19, 2017 is the deadline for bids.
Amazon is looking for cities and states that offer attractive incentives to help cover beginning and ongoing costs.
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Bruce Painter, Director of Marketing, Business Loan Store